May 16, 2018

FINMA introduced a clearing obligation for standardized interest-rate and credit derivatives traded over the counter (OTC). The corresponding annex of the FINMA Financial Market Infrastructure Ordinance (FMIO-FINMA) will enter into force on September 01, 2018.

The clearing obligation is stipulated in the Financial Market Infrastructure Act. FINMA determines the timing of its introduction and specifies the categories of derivatives covered. Before introducing these changes, FINMA ran a consultation for the industry. Based on the comments submitted, no changes will be made to the categories of derivatives FINMA had proposed. FMIO-FINMA will enter into force on September 01, 2018. From then on, the deadlines for the first clearing obligations will run. These deadlines are laid down in the Ordinance. A central component of Swiss regulation of derivatives trading is the duty to clear certain FINMA-designated OTC categories of derivatives through a central counterparty.

 

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Effective Date: September 01, 2018

Keywords: Europe, Switzerland, Securities, FMI, OTC Derivatives, FMI Ordinance, Clearing Obligation, FINMA

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